A combination of generally weaker news on the global economic outlook and continuing geopolitical risks in a number of regions had weighed on market sentiment and pushed down on risky asset prices. 3 In the United Kingdom, moves in short-term interest rates and in the sterling exchange rate ahead of the referendum on Scottish independence had largely unwound. Short-term interest rates had ended the month slightly lower and the date at which a 25 basis point increase in Bank Rate was fully priced into overnight index swap (OIS) rates had shifted out by around two months to July 2015. This was later than expected by ... (full story)